Press Release

FY11 results: 2011 results in line with aims

• Reported revenues €7,246m (+2.7%); adjusted revenues (at constant FX) €7,251m (+2.8%)
• Reported operating income -€105m; adjusted operating income (at constant FX and excluding one-offs) €228m (-29.4%)
• Europe & MEA adjusted operating margin 8.4% on adjusted revenue growth of +2.1%
• Reported net profit -€270m (€66m 2010)
• Full year dividend €0.044 out of the distributable part of the shareholder's equity to be received in stock or in cash
• Strong balance sheet (€7m net debt at year end)
  
  

4Q11 results: weaker economic conditions impact results; tight cost and cash control

• Reported revenues €1,873m (+2.3%); adjusted revenues (at constant FX) €1,869m (+2.1%)
• Reported operating income -€104m; adjusted operating income (at constant FX and excluding one-offs) €57m (-32.9%)
• Reported net profit -€173m (€4m 2010)
• Net cash from operating activities €133m and net cash used in investing activities -€44m
• Brazil: €104m additional impairment based on 4Q11 value assessment
• €50m indirect cost savings programme implemented, approximately €30m annualised savings realised in 2011 with associated costs of €9m in 4Q11 (2011: €37m)

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Commenting on the TNT Express’ new strategy, Marie-Christine Lombard, CEO said:
'Today we announce our new strategy: ‘Building on Strengths’. Our franchise in Europe is unrivalled,with its unique service portfolio, dense networks and leading presence in all countries. This franchise gives us confidence in the future. We have ample opportunity to grow, not only in our traditional B2B segments but also in new services, such as PharmaSafe for the health-care sector or pan-European B2C deliveries for high value goods. Our European cover and density enable us to transform our operating model and reduce fixed costs by €150m by the end of 2013. As a global company, our positions outside Europe remain critical to service our customers’ supply chains. The way we will do this will however change. We will reduce our exposure to fixed intercontinental capacity through cooperation agreements with leading airlines and we will explore partnership opportunities for  our domestic activities in Brazil and China. Our objective is to strengthen our proposition to customers and employees while reducing our financial exposure. Given the uncertain economic environment, the year 2012 will be challenging. However, our leading market positions, together with management actions, make us confident we can realise our medium term growth and profit ambitions.'
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